What height will the price of Shiba Inu soar to if the market value of Dogecoin (DOGE) doubles?
From a market perspective, Dogecoin and Shiba Inu account for about 62% of the entire meme coin market capitalization, with Dogecoin holding a dominant position.
Interestingly, given the correlation between Dogecoin and Shiba Inu, some speculate that the rise of Dogecoin will be transmitted to the Shiba Inu market. During the meme coin frenzy in March, the price of Shiba Inu surged over 300%, reaching an annual high of $0.000045.
Market data also supports this, showing similar price trends for both. The price correlation between SHIB and DOGE reaches 89%, only stronger than that of Bitcoin (BTC). In the past 30 days, the trends of Dogecoin and Shiba Inu have been aligned.
Due to the close correlation between prices, SHIB is expected to benefit from the rise in Dogecoin's price, potentially doubling its market value. If Shiba Inu can also achieve a 112% increase, its price will rise from the current $0.00002176 to $0.00004613, reaching a new annual high.
It is expected that in October, Shiba Inu may reach the price range of $0.00004. Notably, if the price rises to $0.000046, it will drive Shiba Inu's market value to $27.18 billion, which is the last time XRP reached this valuation in December 2021.
